RRE is excited to announce our lead investment in the Series B of Ladder, the company that introduced instant, simple, and smart life insurance exactly one year ago today.
While there has been innovation in the insurance industry over the past couple of years, many of the new companies created focused on the distribution of traditional products. We believe that innovation in distribution alone is not enough to build an industry leading company in this space. Innovation in technology, data, product, and consumer experience are critical to creating a leading next generation insurance company.
There is an opportunity to build such an offering in the life insurance space. Life insurance alone accounts for annual premiums of $138B in the US. Even though the industry is massive, there are many Americans today who are not adequately covered by life insurance, which accounts for an estimated $16T coverage gap today.